CBN backtracks, orders banks to collect “old” N1,000 and N500 notes
By Abimbola Mohammed
The Central Bank of Nigeria (CBN) has ordered banks to start collecting the “old” N500 and N1,000 notes, with immediate effect, from customers with reference code generated from its website through the portal it created.
However, the CBN still maintains its stand that the old banknotes are no longer legal tender. The decision was made by CBN following the difficulties encountered by customers to deposit their monies at CBN branches.
Confirming the directive, a top CBN official said: “Yes we have directed them to collect the old N500 and N1,000 from customers, subject to maximum of N500,000.
“Go to your bank but fill out the form before you go. Go with the reference code you generate. With your code, banks will collect it from you. But if it is more than 500,000, you will go to the CBN and deposit it.”
It could be recalled that the CBN opened a portal on its website and made it mandatory for those willing to return old notes to fill and generate a code.
However, protests, which have been rocking different states over the scarcity of the new naira notes, appeared to have made the CBN order banks to collect higher denominations after meeting with banks’ leaders.
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